On September 15, 2008, and periodically thereafter (the “Petition Date”),Lehman Brothers Holdings Inc. (“LBHI”) and certain of its affiliates (collectively, the“Debtors” and together with their non-debtor affiliates, “Lehman”) filed voluntarypetitions for relief under chapter 11 of title 11 of the United States Code (as amendedfrom time to time, the “Bankruptcy Code”) in the United States Bankruptcy Court for theSouthern District of New York (the “Court”).On September 16, 2008, the Debtors, Lehman Brothers Inc. (“LBI”), andBarclays Capital Inc. (“Barclays”) entered into an asset purchase agreement for thepurchase and sale of LBI’s assets, three real properties, including the Debtors’headquarters, and two data centers (collectively, the “Barclays Sale”).On September 17, 2008, pursuant to section 1102 of the Bankruptcy Code,the United States Trustee (the “U.S. Trustee”) appointed the Official Committee of Unsecured Creditors (the “Committee”).
In accordance with the relevant provisions of the Bankruptcy Code, the Committee retained Milbank, Tweed, Hadley & McCloy LLPas counsel; Quinn Emanuel Urquhart & Sullivan, LLP as special counsel; FTI ConsultingInc. as financial advisor; and Houlihan Lokey Howard & Zukin Capital, Inc. asinvestment banker, in each case, to assist and represent the Committee in performing itsstatutory duties.On September 19, 2008, a proceeding under the Securities InvestorProtection Act of 1970 (the “SIPA Proceeding”) was commenced against LBI. James W.Giddens (the “SIPA Trustee”) was appointed to administer the SIPA Proceeding.On September 20, 2008, the Court approved the Barclays Sale and enteredconcurrent orders to that effect in the Debtors’ chapter 11 cases (the “Chapter 11 Cases”)and in the SIPA Proceeding.On March 12, 2009, the Court granted Lehman Brothers Finance AG a/k/aLehman Brothers Finance SA (“LBF”), a wholly owned non-Debtor subsidiary of LBHIsubject to bankruptcy proceeding in Switzerland, recognition as a foreign mainproceeding under chapter 15 of the Bankruptcy Code and dismissed LBF’s pendingchapter 11 case.
The following Committee members were initially appointed: Wilmington TrustCompany; The Bank of New York Mellon; Shinsei Bank, Limited; Mizuho CorporateBank, Ltd.; The Royal Bank of Scotland, PLC; Metlife; and RR Donnelley & Sons.Pursuant to the Third Amended Appointment of Official Committee of UnsecuredCreditors filed by the U.S. Trustee on February 9, 2010 [Docket No. 7034], theCommittee currently consists of the following seven members: Wilmington TrustCompany; The Bank of New York Mellon; Elliott Management Corp.; Mizuho CorporateBank, Ltd.; Metlife; The Vanguard Group Inc.; and U.S. Bank, National Association.